Self-made billionaire Sheila Johnson's business advice: "Don't burn your bridges"

Fortune

Self-made billionaire Sheila Johnson is the first Black woman to own stakes in three professional sports teams: the NHL's Washington Capitals, the NBA's Washington Wizards, and the WNBA's Washington Mystics.

Transcript

00:00And I call this, Don't Burn Your Bridges.

00:03Because Abe Poland, when he was alive,

00:05he and I were good friends.

00:07And you'll read about this in the book.

00:08I don't want to get in the weeds about this.

00:10But the ex was not very friendly to him.

00:12And he never said anything.

00:14He shall not be named.

00:15Yes.

00:17And so it was just a case where he never forgot it.

00:21He never made a big stink about it.

00:23But one day, Abe Poland and Susan O'Malley came to me,

00:27and they said, we want you to be the face of the Washington

00:29Mystics.

00:30And I said, what do you mean be the face of?

00:32They said, and I knew what they were talking about,

00:35we would like you to buy the team.

00:37So I looked at the financials, and I said,

00:40you're really losing a lot of money here.

00:42I said, this would not be a wise investment.

00:45I said, but I've got a better thing.

00:47And I called Ted Leonce's idea.

00:50I called him, and I said, Ted, I've just

00:53been offered the Washington Mystics,

00:55but I would like to go ownership into the Wizards

00:59and the NHL team, the Capitals.

01:02And I said, I'm going to put enough money in there

01:05that I am a major partner in this.

01:08And so what has happened?

01:10That has opened the door for other women

01:12to step forward and become owners, especially WNBA.

01:16Now look at soccer.

01:17Look at what's happening.

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